NCLT Kolkata sanctions amalgamation scheme of Karnika Commercials Pvt Ltd and Madhu Trade & Investments Co Pvt Ltd into Answorth Impex Pvt Ltd effective April 1, 2024.
All three companies were former NBFCs whose RBI registrations were cancelled in 2018 for insufficient net owned funds.
Shareholder meetings showed 100% approval from attending shareholders representing 72.9%, 58.2%, and 81.2% of equity respectively.
Regional Director raised observations on shareholding discrepancies and NBFC status which were addressed by petitioners.